AfDB Sets Up New Trust Fund with Brazil
Tunis, 9 March 2011 - The Board of Directors of the African Development Bank (AfDB) approved on Wednesday, 9 March 2011 in Tunis, a USD 6-million untied grant with the Federative Republic of Brazil, to promote South-South Cooperation between African countries. The Fund will be managed by the Bank’s Partnerships and Cooperation Unit.
The objective of the “South-South Cooperation Trust Fund” is to facilitate the sharing of development knowledge, expertise and appropriate technologies between African countries and other developing regions outside Africa in the areas of agriculture and agri-business, private sector development, clean energy environment, governance, health, and social development.
In recent years, Brazil has emerged as a major player in the international development community, having demonstrated successful poverty reduction through sustainable economic development. With a view to sharing proven development practice and resources with other development countries, Brazil has been pivotal in promoting South-South Cooperation.
While Brazil’s cooperation in Africa has been mainly on bilateral bases, the country is increasingly emphasizing collaboration with multilateral development institutions. Brazil’s USD 15 million contribution to ADF-12 represents a 47% increase, which shows the country’s strong interest in working with the AfDB Group.